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英语新闻:央行再度下调存贷款利率

2015-03-02    来源:Sina    【      美国外教 在线口语培训

英语新闻:央行再度下调存贷款利率

Central Bank Further Cuts Interest Rates

英语新闻:

Move doesn’t signal shift in finance policy

China's central bank has moved to reassure the market with an announcement over the weekend of a second consecutive interest rate cut in just over three months.

Starting from Sunday, the one-year benchmark lending rate will be cut by 25 basis points to 5.35 percent, while the one-year benchmark interest rate on deposits will fall by the same amount to 2.5 percent, the People's Bank of China (PBC), the country's central bank, said Saturday in a statement on its website. The move makes it cheaper to borrow money.

The central bank has also given banks greater flexibility on deposit interest rates, raising the ceiling on deposit rates that financial institutions can offer to 1.3 times the benchmark from the previous 1.2 times.

Stating that the move doesn't signify a shift in its prudent monetary policy, PBC said in an accompanying statement released on Saturday that "the rate adjustment's primary purpose is to continue allowing benchmark interest rates to guide market rates, further consolidate achievements in lowering social financing costs, and create a neutral, moderate monetary and financial environment for the economy's restructuring and transition."

The PBC cut interest rates again in light of a moderate inflation rate and a sharp fall in producer prices in recent months which have pushed up real interest rates.

Before the Saturday announcement, the PBC announced a reduction in reserve requirements on February 4 for the first time since May 2012. It also announced a rate cut on November 21, 2014, the first in over two years.

The latest rate cut is seen as an attempt to stimulate a cooling Chinese economy.

Entering a "new normal" of slower yet higher quality growth, the 2015 growth target, set to be announced Thursday in Premier Li Keqiang's government work report to the annual parliamentary session, is generally expected to be below last year's 7.5 percent.

The latest announcement dovetails the effects of the last rate cut in November to help steady economic growth, Bank of Communications economists told the Global Times in a note shortly after the PBC decision was made available.

Lending rates have been declining since the November rate cut and the high cost of financing has been relieved to some extent, the central bank said in its statement.

Lowered lending costs would provide a boost for the cooling property market, arresting a slowdown in the economy, Xu Gao, the Beijing-based chief economist at China Everbright Securities, told the Global Times on Sunday.

The property sector, the stability of which is cited by many as being important to overall economic growth, continues to fall.

Average new home prices across the country's 100 major cities recorded a 0.24 percent drop in February compared to the previous month, reversing a gain of 0.21 in January, a survey by the China Real Estate Index System revealed over the weekend, attributing the fall to shrinking demand for homes during the weeklong Lunar New Year holidays.


On a yearly basis, the February data showed a steeper decline in average new home prices, from a 3.09 percent fall in January to a drop of 3.84 percent in February.

But concerns still remain over the actual effects of benchmark interest rate cuts, as bank loans have long been less accessible to smaller firms, analysts said.

"Policymakers would change [their strategy] and allow a rebound in credit growth if they believe that economic activity was weakening abruptly," Mark Williams, the chief Asia economist with Capital Economics in London, wrote in an e-mail to the Global Times.

He, however, shrugged off fears of a moderate slowdown in GDP growth, citing the stabilizer of strong wage growth and employment.

In a sign of life in the world's second largest economy, the official Purchasing Managers' Index for manufacturing released by the National Bureau of Statistics on Sunday rose slightly to 49.9 in February from the previous month's 49.8, ending a decline of four consecutive months.

But it's a second consecutive monthly reading below 50, which indicates a contraction.

However, it shows manufacturing activity is beginning to stabilize, Xu added.

consecutive: adj.连续的,连贯的

benchmark: n.基准,参照; 标准检查程序; 水准标

deposit rate:存款利率

prudent: adj.小心的,慎重的; 精明的,节俭的

consolidate: vt.把…合成一体,合并; 巩固,加强

moderate: adj.有节制的; 稳健的,温和的

dovetail: v.与…吻合,用鸠尾榫接合,吻合

boost: vt.促进,提高; 增加; 吹捧

China-Everbright-Securities: 中国光大证券

rebound: v.弹回; 从诸如衰败或失望中恢复过来; 回荡

contraction: n.收缩,缩减; [语]缩略,略体,缩写

National Bureau of Statistics:n.国家统计局

相关内容:

距离上次降息3个月之后,央行再次宣布降息:自2015年3月1日起下调金融机构人民币贷款和存款基准利率。金融机构一年期贷款基准利率下调0.25个百分点至5.35%;一年期存款基准利率下调0.25个百分点至2.5%,同时结合推进利率市场化改革,将金融机构存款利率浮动区间的上限由存款基准利率的1.2倍调整为1.3倍。

央行称,此次利率调整的重点就是要继续发挥好基准利率的引导作用,进一步巩固社会融资成本下行的成果,为经济结构调整和转型升级营造中性适度的货币金融环境。分析人士指出,在经济下行压力较大、通缩风险加剧的宏观背景下,“松紧适度”的货币政策将更偏松,货币政策将进入降息降准的通道。而为了更好地拉动经济增长,货币政策之外,财政政策也应更为积极。

(Sina)



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